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Recession: Senate seeks harmonization of fiscal, monetary policies

By Henry Umoru & Joseph Erunke

Recession: ABUJA—THE Senate has urged the Ministry of Finance and the Central Bank of Nigeria, CBN, to harmonize the Federal Government’s financial and monetary policies as one of the ways to end the current economic recession.

The senate also enjoined the Executive to urgently negotiate external concessionary borrowing to finance aspects of deficit in the 2016 Appropriation Act. These were part of the recommendations adopted by the Senate after its debate to proffer solutions to the present harsh economic realities confronting the   country.

According to the Senate Plan which will be officially transmitted to President Muhammadu Buhari by Senate President, Dr. Abubakar Bukola Saraki and other leaders of the federal legislature any time soon, “the fiscal and monetary authorities must harmonize all policies that lower interest rates for investors in the real sector and small/medium scale farmers.

“The Federal Government should negotiate foreign concessionary borrowing agreements to cover shortfalls in the 2016 budget and the government’s accelerated infrastructural development programme.”

Other measures that can help reflate the economy if immediately implemented by the Federal Government, according to the Senate, include the payment of genuine domestic debts owed local contractors, settlement of salary arrears and pension obligations.

The Senate also urged the Federal Government to utilize pension and insurance funds to finance long term capital lending for agriculture, industry and housing projects as a way of putting money in the pockets of Nigerians.

 


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